Why did US stocks drop, and what specific concern about OpenAI triggered the selloff?

US stocks dropped due to a tech-led selloff sparked by a Wall Street Journal report that OpenAI failed to meet its own goals for new user acquisition and sales, raising doubts about whether massive AI infrastructure spending — supported by partners like Oracle Corp. and CoreWeave Inc. — would pay off; OpenAI also reportedly missed several sales targets as rival Anthropic PBC gained ground in coding and enterprise markets.

Which major tech companies are set to report earnings immediately following this market turbulence, and how strong are expectations for their first-quarter results?

Alphabet Inc., Microsoft Corp., Amazon.com Inc., and Meta Platforms Inc. are set to report earnings on Wednesday, followed by Apple Inc. on Thursday; tech sector earnings are expected to have grown 41% in the first quarter, according to Bloomberg Intelligence data, and the sector has been largely shielded from disruptions caused by the Iran war.

Asia Open Clouded by US Stock Drop on OpenAI Fears: Markets Wrap

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Asia Open Clouded by US Stock Drop on OpenAI Fears: Markets Wrap

Asia Open Clouded by US Stock Drop on OpenAI Fears: Markets Wrap

FAQ